And financing packages do not deal with an underlying lack of competitiveness in many European economies.
Fundamental lack of competitiveness lies at the heart of Europe's problems, not lack of democracy.
Textile companies in America, whose lack of competitiveness has long been shielded behind protectionist measures, will suffer somewhat.
And Bennett feels that the lack of competitiveness in the Magners League is partly responsible for their exit.
Greece is suffering under a harsh government austerity program and businesses are being crippled by a lack of competitiveness.
Argentina's economy is once again suffering from lack of competitiveness and fiscal laxity.
"There is a toxic nexus between a lack of competitiveness, unsustainability, low potential growth and an ongoing recession, " he said.
And above all, it needs a comprehensive growth strategy to accompany the austerity that will enable peripheral countries to address their chronic lack of competitiveness.
WSJ: Agenda: Greek Situation Is Most Serious of Latest Euro Crisis
Other countries have responded to a similar lack of competitiveness by lowering marginal-tax rates and scrapping tax breaks, broadening the tax base and simplifying the system.
ECONOMIST: The prospects for tax reform recede, unfortunately
Now, after first blaming speculators, then profligate states, then, more broadly Europe's lack of competitiveness, the cardinals of monetary union have belatedly come to understand that the main problem is the euro itself.
While Japanese alarmists blame a lack of competitiveness, the fact is that Japan's working-age population is declining, and within that population the proportion of workers willing to do manual jobs is also falling.
The longer term is that you have got to address the fact that there is a lack of competitiveness between Germany on the one hand and many of the southern European countries on the other.
Today's headlines have rightly focused on the starkness of David Cameron's message - his warning that the world could soon be staring down the barrel if eurozone governments don't tackle their debt and their lack of competitiveness.
Italy, which has net foreign debt of just 21% of GDP, would probably escape the chop: even with its heavy debts and chronic lack of competitiveness, Mrs Merkel would reckon that the euro zone could not function politically without it.
First, the Economist magazine ran a much-publicised supplement warning of a "time bomb" unless France reformed fast, and now Moody's has downgraded French debt from its triple-A rating, citing the country's lack of growth and loss of competitiveness.
Now the yen is one of the world's weakest currencies, not because Japanese companies lack competitiveness but because of Japan's financial problems.
This lack of progress may impact US competitiveness given the extensive evidence that indicates companies with more women on their board outperform companies with fewer or no women directors.
The key problems Europe faces are instability in the eurozone, a "crisis of European competitiveness as other nations across the world soar ahead, " and a lack of democratic accountability, Cameron said.
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And we still don't know how much this appalling lack of boardroom diversity in a rapidly diversifying economy hurts our competitiveness.
He intended to urge the bloc to address three big issues: the crisis in the euro zone, a crisis of competitiveness that is allowing other regions to move ahead and a lack of democratic accountability and consent that is felt deeply, particularly in Britain.
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